This is good coming from PayPal but question is how much fees are they going to charge for that withdrawal, and somehow I highly doubt this is going to be only transactional fee without anything extra.
Even if people can withdraw Bitcoin from Paypal they should know that this BTC will now be connected to their identity, in similar way like withdrawing from centralized exchanges with kyc registration.
I think this is only available for United States so rest of the world will probably have to wait to see Bitcoin support on their paypal account.
Topic: PayPal allows users to withdraw Bitcoin to external wallets - page 4. (Read 688 times)
If they add Bitcoin LN, their users will realize they don't need Paypal anymore 
You still need a way to buy Bitcoins to send them over LN, right?
If they add Bitcoin LN, their users will realize they don't need Paypal anymore
Although that this is truly a welcoming development for all of us who are into crypto (especially Paypal users who are storing BTC and other cryptos), the fees are the big question here. I am not sure how much fees will be deducted in BTC for external wallet withdrawals. There's no final fee structure yet as of now, but later on they would finally reveal it.
As usual, we’d need to get hold of the detailed information in either the TOS or the Fees page to see if there is any fine print and/or limits/restrictions to bear in mind.
Well, the fees page for the US is still not updated with any potential fees on such transactions but I'm pretty confident at least for a while they will keep their word on this one and keep it to zero, after all this is just a transfer in their internal database just like gifts, the only tricky past will probably be the withdrawals but again they will probably not make such a large fuss from it from the start. But the whole thing about allowing users to get their coins so they are no longer paypalcoins but real bitcoins is indeed a step further, I'm so damn curious how much bitcoins Paypal users have in their wallets, and I have a feeling it's quite a large number, judging by the fact that they had to raise the upper limit twice last year up to $100k.
Quite unexpected, I would have never thought they would allow this.
So far, their press release is not mentioning there being fees on behalf of Paypal, and only refers to the necessary network fees:
- No fees to receive crypto (bitcoin, Ethereum, Bitcoin Cash, Litecoin) on your Paypal account, other than the network fee you pay when sending them over.
- No additional fees to send from your Paypal account, other than the network fees (I figure the user won’t have much of a saying here, so there may be some implicit part of these fees kept by paypal if they overcharge and then send at a lower rate – my speculation).
- No fees at all for sending crypto from one Paypal account to another.
As usual, we’d need to get hold of the detailed information in either the TOS or the Fees page to see if there is any fine print and/or limits/restrictions to bear in mind.
- No fees to receive crypto (bitcoin, Ethereum, Bitcoin Cash, Litecoin) on your Paypal account, other than the network fee you pay when sending them over.
- No additional fees to send from your Paypal account, other than the network fees (I figure the user won’t have much of a saying here, so there may be some implicit part of these fees kept by paypal if they overcharge and then send at a lower rate – my speculation).
- No fees at all for sending crypto from one Paypal account to another.
As usual, we’d need to get hold of the detailed information in either the TOS or the Fees page to see if there is any fine print and/or limits/restrictions to bear in mind.
I hope this should be true, in regard to cryptocurrencies, I see paper worse than Coinbase and other custododial wallets before as you can buy and sell cryptocurrencies supported by PayPal using PayPal but you can neither receive or send cryptocurrencies, but if Paypal users are able to do that now, it is good to hear, although there are varieties of options before that can be used to access crypto and noncustodial wallet. Crypto gives the ability of self custody, I always wonder why people still prefer to use custododial ways to keep their cryptocurrencies in a way they can never have complete control of their coins.
That looks like a very fast rollout if it's going to cover the whole of the US within a few weeks.
They opened bitcoin trading/custody in Europe a few months ago too I think so there could be a move to allowing that there too in the next few months.
It'd be interesting to find out if this is being done because crypto is seen as a strong competitor or if it's being done to try to profit off hype (might be both).
They opened bitcoin trading/custody in Europe a few months ago too I think so there could be a move to allowing that there too in the next few months.
It'd be interesting to find out if this is being done because crypto is seen as a strong competitor or if it's being done to try to profit off hype (might be both).
As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction.
Quote from: https://decrypt.co/102210/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets
Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," said the financial giant in a statement. The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two.
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